Chapter 11 Bankruptcy is typically utilized by businesses or high-income/debt individuals to reorganize debts. It allows you to maintain control of your business because you assume most of the powers of a bankruptcy trustee. Chapter 11 is the perfect tool to solve cash flow problems, maturing debt, and/or long-term lease issues, and provides additional time that is needed to get past these hurdles.
The Chapter 11 process puts a pause on collection efforts so you can propose a restructuring of loans through lower interest rates, longer amortization schedules, reducing principal balances, and even eliminating certain debts. During this time, your business continues operations while negotiating reduced and reasonable debt payments. Chapter 11 also offers tax advantages for cancellation of debt income and on the sale of assets.
Bill Kroll as a law clerk in the Bankruptcy Court for the Eastern District of North Carolina, is a Board Certified Specialist in Business and Consumer Bankruptcy, and has focused his practice on bankruptcy since 2009. If experience is what you are looking for, call EGH to schedule your free consultation.
Phone: (919) 755-0025
